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CLUBS AND PUBS MANAGER WINTER 2017 • 23
Released on 9 May 2017, the Budget also
introduces a new Skilling Australians Fund, which
will provide support for up to 300,000 trainees and
apprentices. Industry members, however, have expressed
concern about the new system's ability to combat the
skilled labour shortage, given that the abolition of the 457
visa will likely result in a drop in skilled visa applications.
BENEFITS FOR SMALL BUSINESSES
The 2017--18 Budget raises the small business entity
turnover threshold from $2 million to $10 million per annum,
enabling more than 90,000 additional businesses to access
various tax concessions. It also extends the instant assess
write-off program a further 12 months to 30 June 2018,
allowing small businesses with an annual turnover of up to
$10 million to immediately deduct eligible assets costing
less than $20,000, instead of claiming deductions over a
number of years.
REDUCING RED TAPE
A key focus of the budget is the reduction of regulatory
restrictions on small businesses. To achieve this,
the government is providing $300 million over two
years to encourage states and territories to cut red
tape and remove other barriers hindering economic
growth, innovation and competition. For instance, the
HOW THE
2017--18 BUDGET
WILL AFFECT HOSPITALITY
NEWS
Restaurant & Catering Australia
and small business owners
have applauded the federal
government's 2017--18 Budget,
which includes tax deductions and
the removal of red tape for small
businesses.